Audit Manager, Model Risk

Standard Chartered Bank; London; On-site; GBP 60,000 - 100,000; Full time

Job summary

Join a forward-thinking international bank as an Audit Manager for Model Risk. This role offers a unique opportunity to engage in model risk audits, providing assurance over model risk management. You will work closely with a specialist team, leveraging your quantitative skills and model risk knowledge to enhance the bank's audit strategy. If you're passionate about making a positive impact and growing your expertise in a dynamic environment, this position is perfect for you. Embrace the chance to develop your career while contributing to an organization that values diversity and inclusion.

Benefits

Core bank funding for retirement savings

Medical and life insurance

Flexible working options

Proactive wellbeing support

Continuous learning culture

Generous annual leave

Volunteering leave

Sabbatical options

Qualifications

• 5+ years in banking or consulting with a quantitative degree.
• Understanding of regulatory guidance around Model Risk management.
• Experience in model development or validation.

Responsibilities

• Participate as a subject matter expert in model risk audits.
• Support audit team leaders on assigned audit work.
• Produce high-quality audit deliverables in line with GIA methodology.

Skills

Quantitative Model Risk management

Modelling experience (credit risk, market risk)

Strong communication skills

Professional judgment and discretion

Audit experience

Education

Quantitative degree (mathematics, finance)

Professional certifications (FRM, CFA)

Tools

Machine Learning

Data visualization tools

Job description

Job Summary

Group Internal Audit (GIA) provides an independent view to the Board and Executive Management. It does this by assessing management’s approach to manage risks and protect the assets, reputation, and sustainability of the Bank.

We are looking for a talented model developer or validator to join our specialist team as an Audit Manager for Model Risk. Audit experience is not essential for this role, but a successful candidate must be interested to develop this skill as they further grow their model risk knowledge. This role supports the Model Risk Head of Audit (HOA) to develop and deliver an enterprise-wide audit strategy to provide assurance over model risk management.

The Bank uses models in a variety of areas to support its activities and considers Model Risk as a key risk. This risk continues to grow with increased use, evolution of modelling techniques, and regulatory prescription. Audit is a key party engaging enterprise-wide to provide an independent third-line view on the effectiveness of controls to manage model risk.

Key Responsibilities

• To participate as a subject matter expert in model risk related audits by performing testing, concluding opinions in detailed workpapers, and supporting the drafting of audit issues
• To support audit Team Leaders on assigned audit work involving model risk across the Group. This will include helping to create Audit Planning Memos and Controls Documentation, as well as reviewing issue text and action plans ahead of Team Manager review
• To confirm that assigned audit work is executed in an efficient and effective manner, within the given budget and timelines, and in line with GIA methodology standards
• To clearly identify the risks and impact of issues during issue writing, agreeing these issues with management and obtaining quality management action plans to mitigate the risks raised
• To support the design and implementation of department wide exercises such as annual planning, risk assessment, and training
• To support GIA audit teams by providing model risk knowledge and expertise for their audits relating to the individual’s area of responsibility
• To support senior model risk audit team members attendance of model committees to enable effective engagement and challenge
• To support the tracking and validation of assigned audit issues, in accordance with GIA methodology, to confirm that the risks have been mitigated by the timely delivery of management action plans agreed during audit fieldwork
• To act as a team member on assigned audit work involving model risk across the Group.
• Supporting Audit Leads to deliver the Audit Planning Memo, Controls Document, agree issues and action plans with management and submission of draft report to the Team Manager for review
• Produce audit deliverables that meet quality standards and timelines in line with the GIA methodology
• Provide business/audit technical knowledge and management skills to team leaders and team members to facilitate audit delivery
• Provide technical input and challenge on audit work being undertaken within the scope of assigned product / country area of responsibility. This will include working with the audit team to produce high quality outputs which address the risk
• Adhere to GIA methodology in all areas of the audit engagement, as well as raise team members’ awareness and understanding of the methodology
• Demonstrate sound knowledge of both business/technical areas and expert knowledge in the audit process, including the GIA system, to ensure that audit work is carried out to a high standard that meets all methodology and GIA system requirements
• Have a good understanding of the regulatory landscape and to ensure that all key regulatory concerns are covered in the audit scope
• Monitor the implementation of the agreed audit plans, provide advice on resolution of issues to auditees/action plan owners and escalate audit findings that remain unresolved

Our Ideal Candidate

• In-depth understanding of Quantitative Model Risk management, processes and associated control requirements
• Modelling experience (development or validation) in key areas such as credit risk (IRB, IFRS9), market risk (IMA), or counterparty credit risk (IMM) to meet various regulatory needs (e.g. PRA, MAS, HKMA)
• Clear understanding of model risk management practices, challenges, and controls.
• Strong and impactful communicator, both within reports and verbally, with ability to clearly articulate controls to be tested and risks identified to both internal and business stakeholders
• Confident and courageous to raise and escalate ideas or concerns in a professional and timely manner
• Ability to exercise professional judgment, objectivity, and discretion to build relationships and work within a global team
• 5 years of experience across banking or consulting, with quantitative degree e.g. mathematics or finance, or professional certifications FRM / CFA
• Strong communicator, both written and verbal, with ability to clearly explain risks and controls
• 3+ years of Experience within Model Development or Model Validation
• Experience in key model areas such as credit risk (IRB, IFRS9), market risk (IMA, FM), or Counterparty Credit Risk (IMM), though experience of other modelling areas such as Financial Crime and the use of Artificial Intelligence is also desirable
• Core understanding of regulatory guidance and requirements around Model Risk management. This should include UK and European (CRR and EBA) requirements, or Asian regulators such as Singapore (MAS) or Hong Kong (HKMA)
• Audit experience is desirable, either conducting or participating in audit reviews, a professional audit certification is an added advantage
• Coding and data visualisation experience is desirable

Role Specific Technical competencies required

• Trade or Credit Risk models
• IFRS9
• Machine Learning
• Credit

About Standard Chartered

We're an international bank, nimble enough to act, big enough for impact. For more than 170 years, we've worked to make a positive difference for our clients, communities, and each other. We question the status quo, love a challenge and enjoy finding new opportunities to grow and do better than before. If you're looking for a career with purpose and you want to work for a bank making a difference, we want to hear from you. You can count on us to celebrate your unique talents and we can't wait to see the talents you can bring us.

Our purpose, to drive commerce and prosperity through our unique diversity, together with our brand promise, to be here for good are achieved by how we each live our valued behaviours. When you work with us, you'll see how we value difference and advocate inclusion.

Together we:

• Do the right thingand are assertive, challenge one another, and live with integrity, while putting the client at the heart of what we do
• Never settle,continuously striving to improve and innovate, keeping things simple and learning from doing well, and not so well
• Are better together,we can be ourselves, be inclusive, see more good in others, and work collectively to build for the long term

What we offer

In line with our Fair Pay Charter,we offer a competitive salary and benefits to support your mental, physical, financial and social wellbeing.

• Core bank funding for retirement savings, medical and life insurance,with flexible and voluntary benefits available in some locations.
• Time-offincluding annual leave, parental/maternity (20 weeks), sabbatical (12 months maximum) and volunteering leave (3 days), along with minimum global standards for annual and public holiday, which is combined to 30 days minimum.
• Flexible workingoptions based around home and office locations, with flexible working patterns.
• Proactive wellbeing supportthrough Unmind, a market-leading digital wellbeing platform, development courses for resilience and other human skills,global Employee Assistance Programme, sick leave, mental health first-aiders and all sorts of self-help toolkits
• A continuous learning cultureto support your growth, with opportunities to reskill and upskill and access to physical, virtual and digital learning.
• Being part of an inclusive and values driven organisation,one that embraces and celebrates our unique diversity, across our teams, business functions and geographies - everyone feels respected and can realise their full potential.

For further information, and to apply, please visit our website via the “Apply” button below.